Avoiding costly mistakes: How to choose the right tax preparer

Your personal situation will dictate what kind of tax preparer you should hire. (pixabay.com) Q. Your recently explained the categories of tax preparers. My question is how to select the right one for me? -- Working guy A. Choosing the wrong tax preparer could cost you thousands of dollars over time. Each taxpayer has different needs, so the complexity of your return counts a lot here. Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown, said there are three questions you must ask prospective tax preparers: Will you be available all twelve months of the year if I have questions about past tax returns or future tax periods?

Can I save more than the max to my Roth IRA?

You can't use trickery to boost your Roth IRA account balance. (pixabay.com) Q. Say I want to add $10,000 to my Roth IRA, way above the annual limit. Can I do it this way? Say I have $15,000 worth of stock in the Roth, and I say I instruct my broker to sell that stock for $25,000 so there's $25,000 of cash in my Roth. Then I tell him to buy the $15,000 of the stock in my regular account for $25,000. There's no tax on that extra $10,000 profit on the sale because it was in an IRA, and my IRA is worth $10,000 more, plus I could have a $10,000 loss in my regular account. Can I do this? -- Investor A. You can't do what you're suggesting. Trading doesn't work that way. And, you're trying to hood

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Phone: 973-455-1894 | 51 Dumont Place, Morristown, NJ 07960 | Get directions!

Kiely Capital Management offers financial planning and investment advice. Serving Central and Northern New Jersey, Yvonne and Bernard (Bernie) Kiely provide over 25 years of experience offering discretionary asset management, retirement planning and income tax preparation. KCM is registered with the State of New Jersey as a Registered Investment Advisor.


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